A firm claimed to be Europe’s largest independent provider of MRI, PET and CT scans in Europe has been bought out for £600m.
Alliance Medical, based in Warwick, England, and founded in 1989, was purchased by Dubai International Capital from Bridgepoint Capital.
Alliance owns some 190 scanners across Europe, covering MRI, CT and PET imaging.
In 2004 it was awarded a contract from the UK’s Department of Health for 635,000 scans to be carried out over five years, representing a 15% increase in NHS capacity.
Since being acquired by Bridgepoint, the firm invested some £200m in consolidating its UK position as well as expanding into Europe, notably in Italy, Germany, the Netherlands, Spain and Ireland, such that more than half its revenues are generated outside the UK.
Alliance chief executive Alan Pilgrim said: “This will mean we can expand further into Europe and other areas of the world.
“Dubai International Capital has a high reputation in the companies they have backed.
“They have expressed full commitment to support Alliance Medical’s development and their willingness to fund our growth plans.”
Commenting on the deal, Dubai International CEO Sylvain Denis said: “The acquisition of Alliance Medical is our first foray into the healthcare sector.
“We look forward to working with the management team to explore new routes for growth and to provide access to new markets, such as the Arabian Gulf and the broader Asian region.”
Rob Moores, partner at Bridgepoint, said: “Under Bridgepoint’s ownership Alliance Medical has grown rapidly from its original UK base to become Europe’s leading provider of diagnostic imaging services.
“It operates in a fast-growing market and has anticipated and responded well to the increasing demands of many Western European governments to improve the quality of healthcare provision.”